Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.36.215. Definitions

(1) “affiliate” means a person directly or indirectly controlling or controlled by another person or a person under direct or indirect common control with another person, including a person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;

(2) “relative” means a spouse, ancestor, descendant, brother, or sister;

(3) “trust” means an express trust only;

(4) “trustee” includes a trustee that is a corporation or a natural person and a successor or substitute trustee.

(1) “appointed trust” means an irrevocable trust that receives principal from an invaded trust under AS 13.36.157, including a new trust created by the settlor of the invaded trust or by the trustees, acting in that capacity, of the invaded trust;

(2) “authorized trustee” means, with regard to an invaded trust, a trustee with the authority to pay trust principal to or for a current beneficiary; in this paragraph, “trustee” does not include a settlor or a beneficiary to whom income or principal must be paid, currently or in the future, or who is or will become eligible to receive a distribution of income or principal in the discretion of the trustee other than by the exercise of a power of appointment held in a nonfiduciary capacity;

(3) “current beneficiary” means a person or, with regard to a class of persons, a person who is a member of the class, to whom a trustee may distribute principal when exercising a power under AS 13.36.157;

(4) “invade” means pay directly to the beneficiary of a trust or apply to the benefit of a beneficiary;

(5) “invaded trust” means an irrevocable inter vivos or testamentary trust the principal of which is appointed under AS 13.36.157;

(6) “pooled trust” means a trust described in 42 U.S.C. 1396p(d)(4)(C) that meets the requirements for a pooled trust under the regulations of this state relating to the Medicaid treatment of trusts;

(7) “principal” means the assets of a trust, including accrued and accumulated income, but excluding income that is currently required to be distributed;

(8) “special needs trust” means a trust under 42 U.S.C. 1396p(d)(4)(A) that meets the requirements for a special needs trust under the regulations of this state relating to the Medicaid treatment of trusts;

(9) “third-party trust” means a trust that is

(10) “unlimited discretion” means the unlimited right to distribute principal if the right is not restricted by an ascertainable standard under 26 C.F.R. 25.2514-1.